Latest Developments

Asia
The Hindu BusinessLine

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework

The International Financial Services Centres Authority (IFSCA) is moving to introduce a ‘One KYC’ framework across GIFT IFSC, allowing investors and clients to complete their Know Your Customer (KYC) process only once and use the same verified records to access multiple financial services within GIFT City. To operationalise the framework, the regulator has proposed mandatory integration of all regulated entities with KYC Registration Agencies (KRAs), creating a centralised KYC repository that can be accessed across banks, brokerages, insurers, fund managers and other financial institutions operating in the IFSC. “One of the main objectives of IFSCA is to promote ease of doing business for conducting financial services and attracting global capital into India. It is extremely important to ease the onboarding and KYC process for clients,” IFSCA Chairman K Rajaraman told the businessline. He said financial institutions operating in GIFT IFSC had repeatedly sought a solution that would eliminate multiple KYC submissions. “If a client has completed KYC with one regulated entity in IFSC, she should not be required to complete KYC again for onboarding with any other regulated entity in the IFSC,” he added. Under the proposal, every client will be assigned a unique identification number by a KRA, enabling regulated entities to retrieve and verify existing KYC records instead of asking customers to repeatedly submit the same documents. The regulator said the move is intended to simplify client onboarding while reducing duplication in compliance processes. In a consultation paper issued on June 26, IFSCA proposed that all regulated entities in the IFSC integrate with at least one KRA registered with the authority for uploading, storing, retrieving and updating client KYC records. The regulator has already granted registration to one KRA and is in the process of approving another. Rajaraman said the KRA framework has been designed broadly along the lines of the system regulated by SEBI in domestic markets but with a wider scope. “In the IFSC, the KRA covers the entire spectrum of financial services, including securities markets, banking, insurance and pensions,” he said. Unlike domestic India, where different sectors have separate onboarding processes, the IFSC framework seeks to provide a common KYC infrastructure across financial services. Rajaraman described the KRA as functioning “more like a utility infrastructure layer” for regulated entities, allowing them to securely access verified client records while improving customer convenience. The regulator also plans to make the IFSC framework interoperable with India’s Central KYC Registry (CKYCR). According to Rajaraman, the Ministry of Finance is working on a notification that will integrate IFSC KRAs with CKYCR, while the government is pursuing its broader “One KYC” vision across India’s financial sector. “KRA systems will work as an intermediary layer in IFSC, synchronising KYC data with CKYCR, which is India’s universal KYC repository,” he said. The rollout will be implemented in phases. Regulated entities will be required to integrate with at least one KRA within two months of the circular coming into force. From September 1, 2026, all new clients onboarded in the IFSC must be linked to a KRA, while KYC records of all existing active clients will have to be uploaded by October 30, 2026. Looking ahead, Rajaraman said IFSCA’s objective is to make onboarding increasingly digital. “In the next few years, we aim to become fully digital, subject to the legal framework permitting it,” he said, adding that achieving interoperability with other jurisdictions would depend on data privacy laws and cross-border regulatory cooperation. Public comments on the consultation paper have been invited until July 16. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework
Europe
BBC Business

Got the tennis bug? How to play sport without paying

ByKevin PeacheyCost of living correspondentPublished4 hours agoAs fans queue up at Wimbledon in the hope of securing a ticket to watch some of the biggest names in sport, many tennis lovers face another challenge. Trying to book a court to play at this time of year can be as hard as returning a professonal tennis player's serve. And families trying to be healthy, active and entertained by any sports often face another hurdle - money. "Record numbers of adults and children are active, and cost should never be a barrier," says Simon Hayes, chief executive of Sport England, which is responsible for growing participation in grassroots sport. "But the reality is that for many people and families, amid rising bills, it's increasingly a concern - particularly in the communities which face the greatest challenges. Image source, Getty ImagesFootball - with the men's World Cup currently giving it unrivalled prominence - is often held up as a mass participation sport because it is so cheap to play. However, the well-versed ball and jumpers for goalposts claims may ignore the cost to families of kit, club fees and transport to matches. Tennis has faced a more complex reputation, with some considering it to have been an elitist sport. But anyone wanting to try tennis, without the costs of hiring a court or any of the equipment, can attend free sessions - often on Saturday mornings - as part of a Lawn Tennis Association scheme. Anyone can search for a park near you running the sessions, external, although not every area of the UK is covered. Beyond tennis, there are a host of leisure centres which offer free fitness class taster sessions, external. Cricket is another high-profile summer sport. The Chance to Shine charity runs hundreds of free street cricket sessions, external around the country throughout the year - often within walking distance of children living in poorer areas.

Got the tennis bug? How to play sport without paying
Asia
The Hindu BusinessLine

Indian MSMEs are transitioning from local suppliers to global contenders: Raghuvir Srinivasan

“MSMEs are not just part of the economy — they are the bedrock of India’s progress.” With this, businessline Editor Raghuvir Srinivasan opened the MSME Growth Conclave in Bengaluru, highlighting the critical role of micro, small, and medium enterprises in shaping India’s economic future. In his welcome address, he spoke about the sheer scale and impact of the MSME sector—from its contribution to GDP and manufacturing to its role as one of the country’s largest employers. More importantly, he emphasised a turning point: MSMEs are no longer confined to being local suppliers but are rapidly evolving into global contenders powered by technology, innovation, and agility. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Indian MSMEs are transitioning from local suppliers to global contenders: Raghuvir Srinivasan
North America
CNBC Economy

Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows

The Federal Reserve's primary price gauge rose at its highest level since 2023, reinforcing the central bank's recent tough talk on inflation. Excluding food and energy, the personal consumption expenditures price index showed a 3.4% annual rate after rising 0.3% for the month, both in line with the Dow Jones consensus. The annual core reading was the highest since October 2023. For the all-items reading, the PCE index showed inflation running at a seasonally adjusted 4.1% annual rate, the highest since April 2023, according to a Commerce Department report Thursday. On a monthly basis, the PCE accelerated 0.4%. The annual level was in line with the Dow Jones consensus estimate while the monthly reading was 0.1 percentage point below. While Fed officials look at both headline and core rates, they generally consider the latter a better measure of long-run trends, particularly in light of this year's inflation surge that was driven largely by an acceleration in energy prices tied to the Iran war that have slowly been seeping into other parts of the economy. Stock market futures held in positive territory following the release while Treasury yields slipped. Traders continued to expect the Fed to approve a rate hike in September, though they lowered odds slightly. Energy again provided the largest source of price gains, with related goods and services prices up 4% for the month. Housing cost rose 0.3%, while financial services and insurance jumped 1.2%. "Inflation is at a 3-year high due to the war in Iran and it's painful for middle-class and moderate-income Americans," said Heather Long, chief economist at Navy Federal Credit Union. "People are spending more on gas, along with healthcare and utilities. New Fed Chair Kevin Warsh has made his commitment clear to bring inflation down. The key will be how much relief happens by September." Even with the elevated inflation levels, consumer spending for the month came in stronger than expected. Personal consumption expenditures, a proxy for spending, rose 0.7% for the month, 0.1 percentage point above the forecast and ahead of the inflation rate. Personal income also climbed 0.7%, well above the 0.4% forecast. The personal saving rate rose to 3%. The report comes a little more than a week after the Fed and Warsh delivered what markets widely viewed as a tough talk on rates and inflation. Warsh in particular stressed the importance of price stability, with the Federal Open Market Committee adopting language in its post-meeting statement unequivocally stating that it would "deliver price stability" after missing its 2% inflation target for five years running. In addition, officials took off a previously indicated rate cut this year and indicated a likelihood of a hike. However, the inflation picture has been complicated. Fed officials generally look through the kind of supply-driven spike that the energy surge has driven, but concerns are rising that price increases are becoming more widespread and also are being fed by tariffs.

Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows
North America
CNBC Economy

Trump pledges rapid U.S. response for Venezuela after historic earthquakes kill dozens

President Donald Trump pledged Wednesday to deploy U.S. resources to earthquake-stricken Venezuela after back-to-back tremors of magnitude 7.2 and 7.5 struck near the country's northern coast, flattening buildings in the capital Caracas and prompting a state of emergency. "The U.S. stands ready, willing, and able to help," Trump said in a Truth Social post Wednesday evening stateside. The president added that he had instructed all government agencies to prepare to "move quickly," calling Venezuela's people the "new and great friends." Deputy Secretary of State Christopher Landau said earlier in the day that the U.S. was in touch with Venezuelan authorities and has been mobilizing assistance for the South American nation. The State Department has already mobilized a disaster assistance team and task force to deliver and coordinate critical assistance to Venezuelans, including search and rescue teams, medical supplies, and humanitarian resources, according to senior State Department official Jeremy Lewin. The U.S. Geological Survey issued two consecutive red alerts through its PAGER system, and estimated a 41% probability that fatalities could exceed 10,000 and a 17% chance they could reach 100,000. The authority also projected that the devastating earthquake could dent Venezuela's GDP by up to 7%. Venezuela's acting president Delcy Rodriguez declared a state of emergency in a national address on Wednesday night, and later said at least 164 people were killed and 971 were injured, according to Reuters. In a video message posted on X Thursday morning, Rodriguez thanked the Trump administration for providing "support and solidarity," and the Dominican Republic for sending rescue teams to Venezuela. China and Brazil have sent humanitarian aid to the country, she said, and the Qatar government has prepared a rescue brigade set to arrive Thursday. The quakes are among the strongest to strike the country in the past century. Venezuela lies in a seismically active zone where the Caribbean Plate meets the South American Plate. The swift U.S. offer of assistance reflects a degree of diplomatic realignment between the Trump administration and the Venezuelan interim government, led by Rodriguez. Washington has exerted control over Venezuela's oil exports after a January military intervention that seized the country's then-president, Nicolas Maduro. The U.S. has remained Venezuela's largest oil buyer since January, with the estimated value of US-controlled exports surging to $3.7 billion in April from $600 million in January, according to the Council on Foreign Relations, estimating $8 billion in flows have moved through the arrangement with little transparency or oversight. India and Spain are the next largest recipients. Get this delivered to your inbox, and more info about our products and services.

Trump pledges rapid U.S. response for Venezuela after historic earthquakes kill dozens
Europe
The Guardian

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?

‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyView image in fullscreen‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyUS newsSpirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?For most Americans, riding a bus means abandoning expectations of basic dignity – but with an increase in ridership, that could change Alaina DemopoulosSun 28 Jun 2026 08.00 EDTLast modified on Sun 28 Jun 2026 11.09 EDTSharePrefer the Guardian on Google“It’s a grueling experience,” Greyhound bus enthusiast Miles Taylor explains. “You’re not treated very well. Everyone is yelling at you the entire time. When the bus is late, they blame you for it, like somehow you’ve done something wrong. You just get screamed at for wanting to know what’s going on, because no one says anything.” Taylor is obsessed with public transit. “I never really grew out of my little boy train phase,” the 26-year-old said. He works as a scheduler for Boston’s MBTA and runs a popular YouTube account documenting the bus trips he takes for fun in his spare time. Taylor traveled across the country by Greyhound twice; a Boston to Seattle route took 104 hours. But even he admits that America’s bus system is far from luxurious – or even comfortable. But for many it remains the only option. This week, the Wall Street Journal reported that Greyhound owes at least some of this uptick to the recent shuttering of Spirit Airlines. The low-cost carrier was once famously known as “the Greyhound of the skies,” shuttling passengers on the cheap, with absolutely no frills. View image in fullscreenA Greyhound bus in Canada. Photograph: Lloyd Sutton/AlamyAccording to the outlet, after Spirit closed, search activity for Greyhound rose 20% from the previous year. Greyhound routes that overlap with former Spirit flights have seen a 30% increase in passengers. We could be on the verge of a boom in bus travel. For most Americans, riding a Greyhound bus means abandoning many expectations of basic dignity. Passengers endure delays, and often have to wait for buses on the side of the road or at a dilapidated station. The onboard toilets rarely work and usually smell; the stranger sitting next to you may very well fall asleep on your shoulder. But in the US, a country that lags behind most developed nations for public transit infrastructure, intercity bus travel is one of the only affordable ways to get around without a car. Taylor calls Greyhound “kind of a last resort for folks”. Greyhound began as a seven-passenger car service shuttling Minnesota miners to and from work in 1914. The brand, and bus riding in general, was once a romanticised form of travel touted as an exciting way to view the American landscape. Frank Capra’s 1934 screwball comedy It Happened One Night featured its leads Clark Gable and Claudette Colbert falling in love on a Greyhound from Florida to New York. The shuttles were also a symbol of the civil rights movement, when activists rode buses into southern states to protest racial segregation. But as plane travel became cheaper, Greyhound service became neglected – with stations and buses falling into disrepair. In the early 2000s, Greyhound had filed for bankruptcy twice. After changing hands a couple of times, the buses are now owned by the German brand Flix, which operates in over 40 countries. After a storied history, the buses are now viewed by most Americans as a cheap, but incredibly unreliable, way to travel. View image in fullscreenA group of civil rights demonstrators during the March on Washington on 28 August 1963. Photograph: Estate of Roosevelt H Carter/Getty ImagesBut could that be changing? Researchers predict that bus ridership could grow 4% this year, eclipsing forecasts for the airline industry. Is there a way to make it an experience to enjoy, rather than one to endure? “The biggest driver [of this increase] is the current economics of the US,” said Kate Thompson, a vice-president at the travel search platform Wanderu. “The price of flights has increased year-to-date roughly 27%, whereas bus and train tickets have only increased around 4%. People are going to gravitate toward the average bus ticket price of $53 versus a $500 plane ticket.” Along with that, a growing number of Americans do not have drivers’ licenses. Data from the Department of Transportation shows that the number of licensed 16-year-olds has dropped 27% since 2000. “We get this question all of the time: how can we make buses cool again?” Thompson said. “It comes down to comfortability. You need to be as comfortable as you would be on a flight.”

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?
Asia
The Hindu BusinessLine

Tamil Nadu: Seaweed blankets Thoothukudi's eastern shores

Large quantities of seaweed have washed ashore along the eastern coastal areas of Thoothukudi district. The seaweed, which is commonly found in the sea, has drawn the attention of the public after accumulating along the shoreline. Speaking about the phenomenon, local fishermen said that it is a common natural occurrence for seaweed to be washed ashore by waves during periods of strong winds. They added that there is no cause for concern, as this is a regular seasonal event. Seaweed wash-ups have been seen along the Thoothukudi coastline on more than one occasion in recent months. Earlier on June 17, red seaweed washed ashore along the coastal stretches adjoining the Thoothukudi Harbour Beach, creating a striking natural spectacle that has drawn the attention of tourists and residents. According to marine enthusiasts, the seaweed, which naturally grows in the Gulf of Mannar marine ecosystem, was believed to have been carried to the shore due to changing ocean currents and seasonal wind patterns. In view of the changing ocean and wind patterns, the Indian Meteorological Department (IMD) has warned of a surging of waves on June 29. The IMD has advised fishermen working at the coast to have "utmost vigilance" and that the public carry out recreational activities with due care. The waves were forecasted to be just over 1 metre in height and repeating in the range of 15 to 17 seconds. "Swell Surge Alert for the coast of THOOTHUKKUDI,TAMIL NADU from Periyathalai To Vembar. Swell waves in the range of 15.0 - 17.0 sec period with 1.2 - 1.3 m height are forecasted during 17:30 hours on 2806-2026 to 14:30 hours on 29-06-2026. It advised that there is a possibility of surging of waves, boats to ply with utmost vigilance, recreation with due care," Chennai's Regional Meteorological Department said. In a similar incident in May, large quantities of seaweed washed ashore along the coast of Thoothukudi raised concerns among local fishing communities, who attributed the unusual phenomenon to climate change, rising sea temperatures, and shifting sea currents. Sharing their traditional knowledge of seasonal sea behaviour, fishermen said the changing wave patterns and disturbances in the marine ecosystem indicate a noticeable alteration in the natural coastal environment."Large quantities of seaweed were washed ashore along the coastal areas of Thoothukudi. It is said that this situation has occurred due to climate change, rising sea temperatures, and changes in sea currents and wave patterns. In some places, changes have also been observed in the natural marine environment. Such occurrences are common during Full Moon and New Moon periods in certain months of the year," a fisherman said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Tamil Nadu: Seaweed blankets Thoothukudi's eastern shores
Europe
The Guardian

When it comes to taxing the super rich, there’s no need to reinvent the wheel

Supporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesView image in fullscreenSupporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesUS income inequalityAnalysisWhen it comes to taxing the super rich, there’s no need to reinvent the wheelEduardo PorterAny new tax on the rich won’t raise much money unless many of the exceptions and loopholes are dealt with In this new era of rampaging oligarchs, nothing may seem as satisfying as slapping a tax on Elon Musk’s new trillion-dollar fortune. What most bothers Americans about federal taxes is that billionaires don’t pay their fair share. As the race to develop artificial intelligence mints more billionaires, policymakers’ temptation to directly tax their brobdingnagian wealth is becoming unbearable. The first state out of the blocks is California, where voters in November will decide whether to impose a one-time tax of 5% on fortunes worth more than $1bn. Given the ease with which plutocrats avoid paying income taxes, the case for this sort of direct tax on their stash appears unassailable. The US government needs money for all sorts of reasons, starting with the imperative to restore one of the rich world’s most meager social safety nets and do more to mitigate America’s mushrooming income inequality. Increasing demands on the safety net by an ageing population will require considerably more money. And the prospect of an AI-laced economy with little human income to tax argues for efforts to find other sources of revenue. And yet deploying a newfangled wealth tax that has been largely abandoned across the world’s industrialized nations could actually put at risk the prospect of building the more capable state the US needs, draining political capital that would be best used to restore the decimated array of taxes it already uses. Just consider that in 2024 the richest 1% of Americans paid, on average, about 31.5% of their income in federal taxes and about 7.2% in state and local taxes. That is more than eight percentage points less than what they paid at the turn of the century. Considering that the top 1% report a total adjusted gross income of over $3tn, those eight points could add up to nearly $300bn of additional tax revenue per year. Raising more money is not particularly complicated, from a technical perspective. Rather than taxing wealth or raising income tax rates sky-high, it can be done by closing the elaborate array of holes that have been drilled into the current tax schedule by offering preferential tax treatment to specific types of income, reducing at every step the plutocracy’s tax liability. A recent analysis from the Yale Budget lab finds that the effective tax rate on the top 1% of earners can be anywhere between 45% and a miserly 3%, depending on how they make a living. A straightforward way to increase tax revenues is to restore some fairness to a system that allows vast discrepancies in the ways different forms of income are taxed. In 2024, only three of the advanced economies in the Organization for Economic Cooperation and Development (OECD) – those of Norway, Spain and Switzerland – collected any revenue from recurrent wealth taxes. That is down from 12 countries in 1990. And none of the four collect much. In 2024, only the Swiss raised more than 1% of GDP. There are practical problems with wealth taxes, starting with how to value certain types of wealth, such as a privately held business, and how to tax owners who may not own liquid assets to meet obligations. Wealth taxes have been found to encourage capital flight and discourage entrepreneurship. They tend to penalize people with safer investments, which have low returns. An OECD study concluded that “from both an efficiency and equity perspective, there are limited arguments for having a net wealth tax in addition to broad-based personal capital income taxes and well-designed inheritance and gift taxes”. Moreover, taxing wealth is politically perilous, raising the objection that it amounts to double taxation: a tax on savings from income that has already been taxed. There are better tested ways to tax capital, though, starting with the estate tax, which has been eviscerated by multiple “reforms” over the last 25 years. In 1972, 6.5% of decedents paid estate taxes. By 2021, the share had fallen to less than 0.1%. The revenue it generated dropped from 0.4% to 0.08% of GDP, despite the massive accumulation of inheritable wealth over the period.

When it comes to taxing the super rich, there’s no need to reinvent the wheel
Europe
The Guardian

Key Fed inflation gauge rises to three-year high in May after gas prices peaked

A driver fills up his vehicle at a gas station in Wiggins, Colorado, in May. Photograph: Kevin Mohatt/ReutersView image in fullscreenA driver fills up his vehicle at a gas station in Wiggins, Colorado, in May. Photograph: Kevin Mohatt/ReutersUS economyKey Fed inflation gauge rises to three-year high in May after gas prices peakedConsumer prices rose 4.1% in May from a year earlier – a sign rising costs could pose problem for Trump in midterms The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for Donald Trump and his political party as midterm elections near. Consumer prices rose 4.1% in May from a year earlier, the US commerce department said Thursday, the largest annual increase since April 2023. On a monthly basis, inflation was 0.4% last month, matching April’s increase and down from 0.7% in March. The increase was largely driven by more expensive gas, as well as pricier semiconductors and other computer equipment that are in high demand for the AI buildout. Rising prices have caused the inflation-fighters at the Federal Reserve to keep their key rate unchanged this year, a reversal from January when they had penciled in two cuts. Some economists forecast the central bank could lift rates this year instead. New Fed chair Kevin Warsh last week underscored the central bank’s determination to drive inflation back to its 2% target, but he gave no sign of what steps the Fed might take. Some economists, however, now expect the central bank to increase rates this year. Those expectations upended US markets this week, hammering fast-growing sectors like tech. Oil and gas prices have fallen substantially since the US president agreed to a peace deal with Iran, but the conflict lifted gas prices to nearly $4.50 a gallon on average nationwide last month. They have since fallen back to $3.92 as of Thursday, according to AAA, but that’s more than 20% above prices at this time last year as the driving season gets underway. Thursday’s report also showed that consumer spending rose at a solid pace. Adjusted for inflation, spending rose 0.3% from April to May. And incomes, adjusted for inflation, rose for the first time in four months, picking up 0.3%, which could bolster consumer spending in the coming months. Inflation has been above the Fed’s 2% target for more than five years, leaving many Americans more gloomy about the future. Mark Vitner, chief economist at Piedmont Crescent Capital, points out that inflation hadn’t topped 2.5% for nearly a decade before the pandemic, likely making the inflation spikes since then even harder to accept for most households. Thursday’s report covers the personal consumption expenditures (PCE) price index, a lesser-known measure compared to the consumer price index, which was released earlier this month and showed a similarly large increase. The Fed prefers the PCE index because it puts less weight on housing and also reflects changes in how Americans shop when prices rise, such as when consumers buy cheaper off-brand items.

Key Fed inflation gauge rises to three-year high in May after gas prices peaked